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Well, this is correct, but P&Fig charts can be written in TS if you pay
attention to the fact that the close of a Pfig chart does not exist as the
last price.
The true next price available is at the level determined by low+ box size *
rev size or high-box size * rev size according to the X O nature of the last
closed column
These values are what you will use to see if a breakout occured using stp
orders for the next bar beyond this level ( otherwise, you will have aways
winning systems)
An other solution that we have developed here uses a DLL that generates
arrays of XO PFig columns, and runs over a normal bar chart.
This has the advantage to make PFig and classical systems mixing
available,and devise things like variable box size P&Fig, or build Pfigs
charts on various oscillators, all of this being possible with this DLL.
More to see on the web site below that I'm currently rebuilding.
Sincerely,
Pierre orphelin
www.sirtrade.com
> -----Message d'origine-----
> De : Rich Estrem [mailto:restrem@xxxxxxxxxxxxx]
> Envoye : mercredi 25 avril 2001 19:35
> A : omega-list@xxxxxxxxxx
> Objet : Re: Point-and-Figure Charts -> Strategies
>
>
> At 01:08 PM 4/25/01 -0400, you wrote:
> >I haven't used point and figure charts, but given that they are very old,
> that probably means they work. Is it possible to apply a 'Strategy' to a
> point and figure chart? Since TS is bar (time) oriented, I'm not sure I
> know what "Close" would mean for example? Am I missing something?
> >
> >
> >thanks
> >ian
> >
>
> Ian -
>
> The open & close are not correct in TS for pt&fig charts. It is very easy
> to get extremely misleading results when applying systems. Put your
> crosshair on a column and read what the ohlc numbers are, then think about
> what price action causes a new col. to form and the old one to
> end, and you
> will see what I mean. A retracement is required to begin a new column, so
> the close and next open are never at the extremes, but that is exactly how
> TS reports these numbers. Also the high or low may never have
> been hit in a
> column depending on the direction and the number of boxes
> printed. The high
> or low could have been exceeded also, depending on the direction of the
> column. If you are aware of all these issues then code can be written but
> it can get messy.
>
> rich
>
>
>
>
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